Tag Archive for: friday

Why McAfee Stock Skyrocketed Friday Afternoon

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What happened

Shares of McAfee (NASDAQ:MCFE) were quiet most of Friday, going sideways on perfectly ordinary trading volume. The computer security veteran suddenly sprung to life at 3:15 p.m. EDT as Bloomberg reported that the company is in “advanced talks” to go private. McAfee closed Friday’s trading 20% above Thursday’s closing price, having backed down from a peak gain of 24.4%.

A row of pixelated, mostly blue padlock icons, where only the red one is open.

Image source: Getty Images.

So what

A deal could be announced in a matter of days, according to Bloomberg’s anonymous insider sources. The final price tag should land above the $10 billion mark in a team-up by private equity firms Permira and Advent International. Both firms focus on international growth investments and they have a total of $125 billion under management.

Now what

McAfee returned to the stock market in October 2020, having spun out from microchip maker Intel (NASDAQ:INTC) in 2016 after six rocky years acting as Chipzilla’s data security division. This business is no stranger to the borderline between private and public companies. If Bloomberg’s report is correct, Permira and Advent are likely to tighten up McAfee’s operations away from the harsh glare of public investors, preparing to take it public again at a higher price a couple of years down the road. That’s standard operating procedure for splashy private equity buyouts.

Friday’s action brought McAfee’s market cap to $11 billion, which is 10% above the suggested buyout price. It remains to be seen whether the equity firms are willing to follow through on this idea under these circumstances, as investors might balk at a final offer below the market price at the time. Moreover, McAfee isn’t exactly a paragon of financial health. Getting this buyout ready for a profitable relaunch on the public market would take more than a spit-shine.

Next Thursday’s third-quarter report will shed some light on McAfee’s future. If Advent and Permira are serious about the reported deal, I wouldn’t be surprised to see the official announcement on the day of that report. Either way, I’m not itching to get my hands on McAfee shares right now. Whether the buyout is happening or not, I don’t see much room for…

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Gov. Ivey to announce $41 million in GOMESA projects in Mobile and Baldwin counties Friday

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SPANISH FORT, Ala. (WKRG) — Gov. Kay Ivey on Friday will participate in an event to announce more than $41 million in GOMESA projects in Mobile and Baldwin counties. 

The Gulf of Mexico Energy Security Act (GOMESA) was enacted by Congress in 2006 and provides revenue-sharing funds from Outer Continental Shelf (OCS) oil and gas leasing activities in the Gulf of Mexico. More than $41 million will be awarded to 17 projects among Mobile and Baldwin counties. These projects focus on sewer infrastructure, water quality improvements, land acquisition, research and recreational access improvements, which are included in the authorized uses of GOMESA funds.

The announcement will be made at 2 p.m. at Five Rivers Delta Center in Spanish Fort. Joining the governor will be Alabama Department of Conservation and Natural Resources Commissioner Chris Blankenship, Rep. Matt Stimpson, Dauphin Island Mayor Jeff Collier, Spanish Fort Mayor Mike McMillian, among others.

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Why is the Tesserent (ASX:TNT) share price climbing 11% on Friday?

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Tesserent cybersecurity professional man inspects server room and works on laptop

Image source: Getty Images

The Tesserent Ltd (ASX: TNT) share price is surging today despite no news being released by the company.

However, only minutes before yesterday’s close, Tesserent announced it had completed its acquisition of Australian cybersecurity firm, Loop Secure.

Tesserent spent around $13.5 million to acquire Loop, using a mix of cash and scrip to pay.

At the time of writing, the Tesserent share price is 24.2 cents, 10% higher than its previous close.

Let’s take a closer look at the most recent news from the internet security-as-a-service provider.

Tesserent finalises Loop acquisition

The Tesserent share price is gaining today despite no news from the cybersecurity and cloud services company. However, its recently finalised acquisition is a potential catalyst.

Yesterday, Tesserent announced it had completed its acquisition of Loop Secure. While investors’ enthusiasm for Tesserent shares may have been spurred by this today, the acquisition has been a long time coming.

Tesserent first announced its plan to acquire Loop on 19 August.

Back then, the market was seemingly indifferent to the announcement. The Tesserent share price finished that session exactly where it had ended the previous one.

According to Tesserent, its purchase of Loop adds an additional $18 million of unaudited revenue to its books. Loop also has $2.25 million of sustainable earnings before interest, tax, depreciation, and amortisation (EBITDA).

Additionally, Loop’s security services will strengthen Tesserent’s Cyber 360 capabilities and deliver significant synergy and cross-selling benefits.

Tesserent previously said the acquisition would see it paying $7 million of cash on completion. It expects to pay another $2 million over the following 12 months.

Tesserent share price snapshot

Today’s gains haven’t been enough to boost the Tesserent share price back into the green.

The company’s stock value has fallen 30% since the start of 2021. It is almost 7% lower than it was this time last year.

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Friday, July 16, 2021, San Diego Metro Magazine

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The Global Chip Shortage Impact on American Automakers

Visual Capitalist

Chips, or semiconductor devices, are behind all of the world’s increasingly complex electrical and digital devices. 

That includes well-known items like computers and smartphones, but also other products that are becoming “smarter” including appliances, watches, and especially cars. 

The automotive industry accounts for a large share of global chip consumption, with modern cars having smart and complex entertainment systems, navigation, and sensors. A modern car can have anywhere from 500-1,500 different chips powering its different functions.

But when the COVID-19 pandemic hit in 2020, shifting consumer demands and a slowing economy called for a reduction in semiconductor manufacturing. And unfortunately, it can take the supply chain a long time to come back online, as much as 1.5 years. 

American Manufacturers Take the Biggest Hit

As the global economy has started to bounce back and demand for digital devices has increased, the chip manufacturing supply chain has become strained on its still-low supply. And unfortunately for automakers, cars are taking the brunt of the hit.

Photo by Obi Onyeador on Unsplash

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Sports tech company BlazePod opens first U.S.
office in Vista to support company growth, strategy

BlazePod, the creator of the Flash Reflex (FRX) training program that combines cognitive intelligence with physical exercises to enable athletes of all levels to improve reaction time and performance, is opening an office in Vista.

BlazePod’s office is located at 1281 Liberty Way, Suite A, Vista. The U.S. BlazePod team is led by Brian Farber, head of business development, and Tom Judge, Head of U.S. marketing. The company is looking to hire additional employees in the San Diego area this year.

Founded in 2017, BlazePod has raised a total of $10 million in funding over two rounds, and has experienced exponential year-over-year growth. The San Diego-based team will focus on driving marketing initiatives and sales education, and will also oversee the company’s U.S. operations and strategy.

Rady Children’s…

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